Night trading provides an ideal laboratory to assess the behavior of stock markets when institutional liquidity providers are less active. The evidence indicates that extreme positive (winner) and negative (loser) stock-price movements during night sessions are followed by reversals the next...

We identify samples of losers and winners by selecting daily stock price returns in excess of 10% (sign ignored) and determine whether these samples over- or underreact. We then identify "informed" events, which correspond to announcements in the "Wall Street Journal"("WSJ"), and "uninformed"...

Night trading provides an ideal laboratory to assess the behavior of stock markets when institutional liquidity providers are less active. The evidence indicates that extreme positive (winner) and negative (loser) stock price movements during night sessions are followed by reversals the next...

We identify samples of losers and winners by selecting daily stock price returns in excess of ten percent (sign ignored) and determine whether these samples over- or underreact. We then identify quot;informedquot; events, which correspond to announcements in the Wall Street Journal (WSJ), and...